Virtual Assets Regulatory Authority

VARA has classified virtual asset activities into 8 regulated categories, they are:  

1. Advisory Services  
2. Broker-Dealer Services  
3. Custody Services  
4. Exchange Services  
5. Lending and Borrowing Services  
6. Management and Investment Services  
7. Transfer & Settlement Services  
8. VA Issuance (Category 1)

This framework is designed to be flexible and adaptable to support innovation and industry growth.

Any Virtual Asset Service Provider (VASP) that wants to operate in Dubai must apply for and obtain a license from VARA before starting activities. A VASP can hold multiple activities under a single license, except for Custody Services, which must be conducted by a separate legal entity with its own dedicated license. This ensures proper asset protection and independent governance.

In addition, licensed VASPs are not allowed to conduct proprietary trading (trading for their own profit) or manage their group’s investment portfolio under the regulated license. Such activities must be carried out through a separate, independent company.

These rules apply to any entity offering virtual asset services in Dubai, whether serving local residents or international customers. All licensed VASPs must continuously comply with regulatory requirements, including strict Anti-Money Laundering (AML), Know Your Customer (KYC), and consumer protection standards.

To verify if a broker is genuinely regulated by the Virtual Asset Regulatory Authority (VARA), you should cross-check its details using the VARA Public Register.  The detailed steps are as below:

1. Visit the broker’s official website and locate the legal name of the regulated entity. 

2. Go to the official VARA Public Register at: https://www.vara.ae/en/licenses-and-register/public-register/
Enter the exact legal company name into the search bar, the initial search results will display key information about the company.

3. Click on the company name in the search results to access the full license details page. This provides a more comprehensive view.

Compare the official website URL listed on the VARA register with the VASP’s website you are checking. Ensure they match exactly. 

If all the information matches, this means that the broker is officially regulated by VARA.

When you have disputes with a Virtual Asset Service Provider (VASP), you can proceed the following ways:

1st way: The recommended way is to contact the VASP directly and discuss with them to find a solution.

2nd way: If the response was not what you were hoping for, you may submit your written complaint via VARA Online Complaint Form. 

VARA’s regulatory remit covers virtual assets and related services in the emirate of Dubai, excluding Dubai International Financial Centre. If you have been the victim of fraudulent activity, your complaint or matter may fall outside VARA’s regulatory remit. You should also consider filing a consumer complaint or contacting the nearest police station for further action.

3rd way: If the 2 ways above can't solve the dispute, the last way is to issue a case to the court in Dubai.